Introduction to Financial Technology
1st Edition
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Table of Contents
Chapter 1: What is Financial Technology
1. Financial vs. Commercial Systems
2. Financial vs. Gambling Systems
3. Financial vs. Military Systems and Physical Delivery
4. Non-Physical Communication and Delivery
5. The First Wireless Network
6. Notes and References
7. Discussion Questions
Chapter 2: Prices, Interest, Time
1. Financial Terms
2. Numbers and Prices
3. Time is Money: Loans and Interest
4. Days, Months, and Years.
5. Notes and References
6. Discussion Questions
Chapter 3: Algorithms and Financial Technology
1. Financial Algorithms
2. Spreadsheets
3. Interpreters and Compilers for Procedural Languages
4. Spreadsheet Algorithms for Interpolating Prices and Rates
5. Notes and References
6. Discussion Questions
Chapter 4: Financial Products
1. Technology of Cash Flows
2. Technology of Yields
3. Zero Credit Risk/Zero Coupon Bonds
4. Equities, Dividend Discounts, and Laplace Transforms
5. Databases for Past, Present, and Future Prices
6. Notes and References
7. Discussion Questions
Chapter 5: Identifying Financial Objects
1. Symbology: Identifying Issuers and Owners
2. Other Identifiers in Financial Databases
3. Exchange Ticker Symbols
4. Non-Exchange Traded Products and Portfolios
5. Notes and References
6. Discussion Questions
Chapter 6: Physical Aspects of Financial Networks
1. Financial Network Infrastructures
2. Origins of electronic financial communication networks
3. The Technology of Virtual Delivery
4. Market Data Technology: From Ticker to Consolidated Tape
5. Notes and References
6. Discussion Questions
Chapter 7: Orders and Messages
1. The Anatomy of Orders
2. Order Processing Technology: From Q-Codes to FIX
3. Markup Languages
4. Representing Rules
5. Notes and References
6. Discussion Questions
Chapter 8: Systems of Financial Systems
1. Describing Financial Systems
2. System Analogies
3. Characteristics of Systems of Systems
4. Notes and References
5. Discussion Questions
Chapter 9: Risk
1. Types of Risk in Financial Systems
2. Basic Properties of Probabilities
3. Portfolios and Risk
4. Risk and Hedging
5. Notes and References
6. Discussion Questions
Description
The financial technology environment is a dynamic, high-pressured, fast-paced world in which developing fast and efficient buy-and-sell order processing systems and order executing (clearing and settling) systems is of primary importance. The orders involved come from an ever-changing network of people (traders, brokers, market makers) and technology. To prepare people to succeed in this environment, seasoned financial technology veteran Roy Freedman presents both the technology and the finance side in this comprehensive overview of this dynamic area. He covers the broad range of topics involved in this industry--including auction theory, databases, networked computer clusters, back-office operations, derivative securities, regulation, compliance, bootstrap statistics, optimization, and risk management—in order to present an in-depth treatment of the current state-of-the-art in financial technology.
Each chapter concludes with a list of exercises; a list of references; a list of websites for further information; and case studies.
Key Features
- With amazing clarity, Freedman explains both the technology side and the finance side of financial technology
- Accessible to both finance professionals needing to upgrade their technology knowledge and technology specialists needing to upgrade their finance knowledge
Readership
Primary audience: Primary textbook for students in technical schools, career education schools taking courses in Financial Technology, Clearing and Settlement of Financial Transactions, Risk Management systems. Supplemental textbook for students in courses in MIS (management of information systems) in finance; finance, financial engineering, and software engineering.
Secondary audience: Professionals new to financial technology seeking a solid grounding and overview of the area.
Details
- No. of pages:
- 368
- Language:
- English
- Copyright:
- © Academic Press 2006
- Published:
- 21st April 2006
- Imprint:
- Academic Press
- Hardcover ISBN:
- 9780123704788
- eBook ISBN:
- 9780080461847
Reviews
Approaching a new highly abstract and complex technical subject, especially as a student, has much in common with the mountaineer's approach to a
mountain: both present a daunting challenge to be overcome at high cost of effort--we fear for our very survival.
In "Introduction to Financial Technology", Roy Freedman proves himself a steadfast and expert guide right from the beginning of the journey.
Like a trusty Sherpa, he does all the heavy lifting for us even in the ever-thinning air of our journey up the steep Himalayan slopes of the financial and technological abstractions of the modern discipline that is financial technology. All in all, I found Freedman's treatment of the financial application of computer algorithms and financial technology quite thorough and highly informative and well written.
-- Raymond Nolting, Executive Project Manager/Senior Business Analyst, B-Trade Services L.L.C./Division of the Bank of New York
"One would not expect a book on financial technology to be so...well...gripping. Freedman provides an interesting survey of the history of financial technology as well as the technological tools used today. This book is a must read for any true student of the market, especially as high technology becomes ever more pervasive in the analysis and operation of financial markets."
-- Ben Van Vliet, Associate Director, M.S. Financial Markets, Center for Financial Markets, Illinois Institute of Technology
Ratings and Reviews
About the Author
Roy Freedman
Roy S. Freedman founded Inductive Solutions, Inc., in 1989. His primary consulting and research interests involve the practical application of mathematics, statistics, and computer technology to risk management problems in trading, operations, and compliance. He is also Adjunct Associate Professor of Financial Engineering at Polytechnic University where he teaches courses on financial technology, operational risk, technology management, and quantitative methods.
Dr. Freedman has written over 60 published papers, two books, and six book chapters. He is the author of "Artificial Intelligence On Wall Street" that appears in the Encyclopedia of Computer Science and Technology (Volume 28) and is the primary editor of Artificial Intelligence in the Capital Markets: State-Of-The-Art Applications for Institutional Investors, Bankers & Traders. Dr. Freedman has been involved in assignments for the New York Stock Exchange, Merrill Lynch, Robertson Stephens, Banco Santander, Meridian Investment Company, Sun Microsystems, Tamiso & Company, Time-Warner, Chemical Bank, The Equitable, Loral, Grumman, and many other institutions.
Prior to his work at Inductive Solutions, Inc., Dr. Freedman was Associate Professor of Computer Science at Polytechnic University.
Dr. Freedman's professional activities include serving as editor and reviewer for several publications and being an invited speaker and teacher at many conferences and seminars. He was the Program Chairman for the first, second, and third International Conference on Artificial Intelligence Applications on Wall Street.
Dr. Freedman received a BS and MS in Mathematics, an MS in Electrical Engineering, and a Ph.D. in Mathematics, all from Polytechnic University in New York City. He is a member of the AAAI, ACM, GARP, IEEE, SIAM, and SQA.
Affiliations and Expertise
Founder, Inductive Solutions; Adjunct Professor, Financial Engineering, Polytechnic University, NY
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